Bitmain Opens Branch in Switzerland

Bitmain Switzerland will play a central role during our global expansion, said a spokesman for the Beijing-based group

11 January 2018
1192

Bitmain Technologies, Chinese bitcoin mining giant, is expanding to Switzerland in a move that will be key to widening its reach, the group told a Swiss newspaper on Wednesday.

Bitmain Switzerland was registered in Zug, Switzerland in late December according to commercial registry filings accessed on Wednesday. Zug, a small canton in the middle of Switzerland, has become known as the Swiss “Crypto Valley” due to the proliferation of cryptocurrency groups setting up shop there.

Bitmain Switzerland will play a central role during our global expansion.

Spokesman for the Beijing-based group

Founded in Beijing in 2013, Bitmain is a leading bitcoin miner which also makes chips and computer hardware for mining. The company has offices in Amsterdam, Hong Kong, Tel Aviv, Qingdao, Chengdu, Shanghai and Shenzhen.

Recently, we have reported that China is planning to limit the supply of electricity to the cryptocurrency miners.

Global GPU Shortage Leads Miners to Asia

The global shortage of GPUs leads to a hike in the prices and shift of miners to Hong Kong and Singapore for cheaper rigs

21 February 2018
24

The boom in crypto mining and rise in bitcoin price led to the shortage of GPUs globally. That is why miners headed to Hong Kong and Singapore for cheaper rigs.
Graphics cards are an efficient way to mine cryptocurrencies. As a result, the price of these GPUs is scaling through the ceiling. A good card can make good profits over a year.

According to the retailers, during the crypto market correction, there has been a dip in the demand for cards. But now as the bitcoin prices are rising, it has been speculated that the GPU depends will surpass that of last year.

Retailers are trying to take advantage of this situation, by speculation of the prices. For example, the market players like Amazon will try to profit from the current scenario.
Miners are coming to Asia to purchase mining hardware.

Sim Lim Square in Singapore and Sham Shui Po in Hong Kong are packed with people for these rigs. The primary reason for Hong Kong being a hot place for these purchases is that there is no sales tax here. Moreover, the place is closer to the component manufacturers of China.

It’s 30-50 percent cheaper to buy equipment related to crypto-mining in Hong Kong than in Europe.